Nimini is 90% owned by the globally focused investment company Polo Resources Limited (AIM POL). In March 2012, Plinian Guernsey Ltd acquired a 10% equity interest in Nimini. Plinian Capital Ltd is managing and directing all of Nimini's exploration, feasibility study, development and administrative activities.

Nimini-Komahun Project

  • 25-year Mining Licence awarded in November 2012
  • Environmental and Mining Licences renewed and in good standing
  • Independent potentially mineable Mineral Resource Estimate as at June 2013 ("June 2013 MRE"), based on a minimum true width of 1 metre and a 2.4 g/t gold cut-off grade:
    • Indicated Mineral Resources of 0.55 Moz [million ounces] (3.6 Mt (million tons) at 4.69 g/t gold), and
    •  Inferred Mineral Resources of 0.34 Moz (2.6 Mt at 4.08 g/t gold)
  • June 2013 MRE represented a 21% increase in Indicated Mineral Resources to 0.63 Moz gold (4.8 Mt at 4.06 g/t gold) at a 1.8 g/t cut-off grade and 60% increase in Inferred Mineral Resources to 0.42 Moz gold (3.8 Mt at 3.47 g/t gold) at a 1.8 g/t cut-off, compared to previous MRE (SGS Canada Inc., June 2012) ("June 2012 MRE")
  • June 2013 MRE has enabledthe Preliminary Economic Assessment (PEA) to be progressed. However, its completion is now dependent on the ratification of the Mine Development Agreement
  • Field programmes have identified targets both proximal to the Komahun deposit and within the greater Mining Licence area for future drilling to add to mineral resources
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Mine Development Agreement (MDA)


The MDA sets out key fiscal and commercial terms under which the Project will operate and is essential to advancing the Project through a Definitive Feasibility Study (DFS) to development.

The MDA process started in 2013 and was then interrupted by the unfortunate outbreak of the Ebola virus disease and the imposition of a State of Public Health Emergency. Discussions with the Government are continuing and it is hoped that a commercially acceptable MDA will be finalized for the benefit of all stakeholders

To assist with the MDA negotiations and reinforce Nimini’s commitment to developing the Komahun Gold Project ensuring maximum benefit for Sierra Leone and its people, the company has appointed two highly qualified and respected Sierra Leone nationals as directors of its local subsidiary.

Reports

15 August 2013
31 May 2012
31 May 2012
31 May 2012
31 May 2012

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